Bitcoin Cash Technical Analysis: BCH On A Tear, Aims For The $580 Line
Daily Bitcoin Cash BCH Price Analysis
- Bitcoin Cash price flips 20-day SMA from resistance to support.
- The MACD in the daily chart has flipped from bearish to bullish.
Bitcoin Cash price has had five straight bullish days, wherein it jumped up from $496 to $565, gaining almost $70 in its overall valuation. So, is BCH going to reach the $600 psychological level? Let’s take a closer look with technical analysis.
Bitcoin Cash Price Volatility On The Decline
Over the last five days, the Bitcoin Cash price managed to flip the 20-day SMA from resistance to support. During this rise, the MACD (market momentum) has reversed from bearish to bullish. However, the Bollinger Band is contracting, so the price volatility is likely going to decrease.
Image: BCH/USD daily
On the upside, the Bitcoin Cash price has a moderate-to-strong resistance barrier at $580. Previously, at this level, 18,700 addresses had previously purchased $167,000 BCH tokens.
The 4-hour Bitcoin Cash price chart also shows two bullish signals:
- The 20-bar SMA has flipped the 20-day SMA from resistance to support.
- The parabolic SAR has reversed from bearish to bullish.
Image: BCH/USD 4-hour
Bitcoin Cash Price Is Expected To Reach These Levels
Bitcoin Cash price is going to rise and take down the $580 resistance line.